Visa Inc. (NYSE: V), a global payments technology company, and the United States Hispanic Chamber of Commerce (USHCC) today announced a new strategic alliance to help strengthen and grow the three million Hispanic-owned businesses that USHCC advocates on behalf of through their member chambers.
Together, Visa and USHCC will provide Hispanic-owned merchants with an array of tools to help them improve cash flow, manage payment acceptance costs, streamline operations and grow their businesses. Additionally, USHCC members will receive customized access to Visa's suite of small business solutions and educational resources, including:
The USHCC and Visa will also work together to develop acceptance solutions for USHCC merchants, especially smaller players with sales up to $1 million, to ensure that they have access to best-available interchange rates and other acceptance solutions from Visa.
"Our card acceptance partnership with Visa will offer Hispanic small businesses an important economic advantage," said Javier Palomarez, President and CEO, Hispanic Chamber of Commerce. "This initiative will offer our members access to affordable card acceptance programs that support business growth, especially during these challenging economic times."
Hispanic-owned businesses are one of the fastest growing sectors in the United States today, on track to grow 41.8% to 4.3 million merchants over the next six years according to recent estimates from HispanTelligence.
"Visa is keenly aware of the role merchants - large and small - play in the health of our economy. We are committed to doing our part by developing payment products and services that enable merchants to strengthen and grow their businesses and, in turn, help drive economic growth," said William M. Sheedy, Group President, The Americas, Visa Inc. "The United States Hispanic Chamber of Commerce and its members are an important part of this effort, and we are honored to be working with them in this partnership."
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks -- VisaNet -- that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that generate nearly $400 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico.
SOURCE Visa Inc.